A: No, this is an irrevocable trust and can be a highly effective asset preservation strategy. It allows you, the "trustor," to create the trust and to name one or more persons - other than yourself or your spouse - to manage the trust. You may give detailed instructions as to how the assets are managed. You may even retain the right to change the trustee at any time if the trustee is not managing the assets to your satisfaction, or for any other reason
A: You are entitled to all of the income, for yourself for your lifetime. You may also make the income available to your spouse. As trustor, you retain the right to direct the trustee to give gifts of the principal to your children or others, although no distribution can be made from the trust to you.